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Robust Evolutionary Algorithm Design for Socio-economic Simulation

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Author Info
Floortje Alkemade ()
Han Poutré ()
Hans Amman ()

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Abstract

Agent-based computational economics (ACE) combines elements from economics and computer science. In this paper, we focus on the relation between the evolutionary technique that is used and the economic problem that is modeled. In the field of ACE, economic simulations often derive parameter settings for the evolutionary algorithm directly from the values of the economic model parameters. In this paper, we compare two important approaches that are dominating ACE research and show that the above practice may hinder the performance of the evolutionary algorithm and thereby hinder agent learning. More specifically, we show that economic model parameters and evolutionary algorithm parameters should be treated separately by comparing the two widely used approaches to social learning with respect to their convergence properties and robustness. This leads to new considerations for the methodological aspects of evolutionary algorithm design within the field of ACE. Copyright Springer 2006

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File URL: http://hdl.handle.net/10.1007/s10614-006-9051-5
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Publisher Info
Article provided by Springer in its journal Computational Economics.

Volume (Year): 28 (2006)
Issue (Month): 4 (November)
Pages: 355-370
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Handle: RePEc:kap:compec:v:28:y:2006:i:4:p:355-370

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Related research
Keywords: evolutionary algorithms; simulation;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  4. Fernando Vega-Redondo, 1997. "The Evolution of Walrasian Behavior," Econometrica, Econometric Society, vol. 65(2), pages 375-384, March.
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  11. Tomas Klos, . "Decentralized Interaction and Co-adaptation in the Repeated Prisoner's Dilemma," Computing in Economics and Finance 1997 88, Society for Computational Economics. [Downloadable!]
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  12. Arifovic, Jasmina, 1994. "Genetic algorithm learning and the cobweb model," Journal of Economic Dynamics and Control, Elsevier, vol. 18(1), pages 3-28, January. [Downloadable!] (restricted)
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  16. C. Lawrenz & F. Westerhoff, 2003. "Modeling Exchange Rate Behavior with a Genetic Algorithm," Computational Economics, Springer, vol. 21(3), pages 209-229, June. [Downloadable!] (restricted)
  17. Riechmann, Thomas, 2001. "Genetic algorithm learning and evolutionary games," Journal of Economic Dynamics and Control, Elsevier, vol. 25(6-7), pages 1019-1037, June. [Downloadable!] (restricted)
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  19. Jasmina Arifovic & Michael Maschek, 2006. "Revisiting Individual Evolutionary Learning in the Cobweb Model – An Illustration of the Virtual Spite-Effect," Computational Economics, Springer, vol. 28(4), pages 333-354, November. [Downloadable!] (restricted)
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  21. Tesfatsion, Leigh, 2001. "Introduction to the special issue on agent-based computational economics," Journal of Economic Dynamics and Control, Elsevier, vol. 25(3-4), pages 281-293, March. [Downloadable!] (restricted)
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  22. Herbert Dawid, 1996. "Learning of cycles and sunspot equilibria by Genetic Algorithms (*)," Journal of Evolutionary Economics, Springer, vol. 6(4), pages 361-373.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Steven Kimbrough & Frederic Murphy, 2009. "Learning to Collude Tacitly on Production Levels by Oligopolistic Agents," Computational Economics, Springer, vol. 33(1), pages 47-78, February. [Downloadable!] (restricted)
  2. Jasmina Arifovic & Michael Maschek, 2006. "Revisiting Individual Evolutionary Learning in the Cobweb Model – An Illustration of the Virtual Spite-Effect," Computational Economics, Springer, vol. 28(4), pages 333-354, November. [Downloadable!] (restricted)
  3. Ludo Waltman & Nees Eck, 2009. "Robust Evolutionary Algorithm Design for Socio-Economic Simulation: Some Comments," Computational Economics, Springer, vol. 33(1), pages 103-105, February. [Downloadable!] (restricted)
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